Tudor Pickering analysts say they don't think the spill will create a major energy event but a multi-day channel shutdown would have some effects on imports and inventories.

Companies aren't ready to detail potential problems: Valero (VLO), which has a refinery in Texas City, says it doesn't discuss refinery production rates, and Shell (RDS.A, RDS.B), which owns a refining and petrochemical complex in Deer Park near the Houston Ship Channel, says it has contingency plans in place to deal with a prolonged shutdown.

Phillips 66's (PSX) nearest refinery complex is in Sweeny, ~60 miles away from Houston, and gets most of its oil through waterways in Freeport; it doesn't foresee the spill affecting that plant's production.

The Coast Guard says there is no timetable on when the ship channel may reopen.

This is a non-event because the Ship Channel is expected to be cleared by tomorrow and normal operations should resume shortly. Making a mountain out of a mole-hill is a poor attempt to drive down prices. The Ship Channel is a lifeline for Houston, so the authorities aren't going to let the situation deteriorate to unmanageable proportions. Business as usual in no time. Nice try.